(a) Except in a consumer-goods transaction, the following rules apply:
The contents of a notification of disposition are sufficient if the notification:
Describes the debtor and the secured party;
Describes the collateral that is the subject of the intended disposition;
States the method of intended disposition;
States that the debtor is entitled to an accounting of the unpaid indebtedness andstates the charge, if any, for an accounting; and
States the time and place of a public disposition or the time after which any otherdisposition is to be made.
Whether the contents of a notification that lacks any of the information specified inparagraph (1) of this subsection (a) are nevertheless sufficient is a question of fact.
The contents of a notification providing substantially the information specified inparagraph (1) of this subsection (a) are sufficient, even if the notification includes:
Information not specified by said paragraph (1); or
Minor errors that do not cause damages to a person who relies on the information.
A particular phrasing of the notification is not required.
The following form of notification and the form appearing in section 4-9-614 (3),when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: [Name of debtor, obligor, or other person to which the notification is sent]
From: [Name, address, and telephone number of secured party]
Name of Debtor(s): [Include only if debtor(s) are not an addressee]
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date: ____________________
Time: ____________________
Place: ____________________
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $__________]. You may request an accounting by calling us at [telephone number] or writing us at [address].
Source: L. 2001: Entire article R&RE, p. 1406, § 1, effective July 1.
Editor's note - Colorado legislative change: Colorado substituted the word "disposition" for the word "sale" in subsection (a)(1)(E) and substituted the phrase "cause damages to a person who relies on the information" for the phrase "seriously misleading" in subsection (a)(3)(B). Colorado added the phrase "or writing us at [address]" at the end of the notification form contained in subsection (a)(5).